Jury finds Goldman executive liable for misleading investors – The Washington Post.
Good to see someone paying for these crimes. Still plenty of work needs to be done to make those responsible pay for such abuses but at least something is happening. No one going to prison in this case, though. Another instance of the class difference in the legal system:
The burden of proof in a civil case like this one is lower than the “beyond a reasonable doubt” requirement that the government must meet in a criminal case. In the Tourre case, the SEC had to convince the jury by the “preponderance of the credible evidence,” which essentially allowed the jury to find Tourre liable if it thought the evidence was slightly more against him than in his favor.
Goldman was charged alongside Tourre in 2010, but it settled the case for $550 million without admitting or denying wrongdoing. It has been paying Tourre’s legal fees.